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Burnaby BC Condo Market Update – February 2017
Here is a detailed breakdown of Burnaby BC condo market for February 2017. We will look at both 1 and 2 bedroom units. Townhouses and detached properties are not included in the statistics. Only resale properties are accounted for; no new construction.
Average Sales Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: $373,057 | +17.3% (change since February 2017)
Average Sales Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: $571,335 | +20.6% (change since February 2017)
Average Percent of Original Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 99.8% | +1.8% (change since February 2017)
Average Percent of Original Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 99.9% | +0.9% (change since February 2017)
Average Price Per Square Foot for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: $582 | +13.9% (change since February 2017)
Average Price Per Square Foot for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: $576 | +13.8% (change since February 2017)
Total Inventory of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 61 | -46.0% (change since February 2017)
Total Inventory of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 136 | -40.4% (change since February 2017)
New listings of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 55 | -20.3% (change since February 2017)
New listings of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: $388,204 | +25.5% (change since February 2017)
Total Sales of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 40 | -42.0% (change since February 2017)
Total Sales of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 72 | -36.8% (change since February 2017)
Sales to Active Listings Ratio of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 0.656 | +7.4% (change since February 2017)
Sales to Active Listings Ratio of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)
February 2017: 0.529 | +5.8% (change since February 2017)
In conclusion, Burnaby condo market is still a very strong sellers market. We see a very strong buyer demand for both 1 and 2 bedroom units. Low inventory demand and hight buyer demand are driving the market. Many condos are still selling with multiple offers and over the asking price.
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